Farm Futures Ag Finance Boot Camp 2023
Earn Your Financial Stripes
January 18, 2023
Registration: 7 a.m. - 12:00 p.m.
Sessions: 8 a.m. - 4:30 p.m.
8:00 - 8:10 A.M.
Welcome and overview for the day
Speaker: Mike Wilson
8:10 - 9:00 A.M.
How to measure your farm's financial performance with new FFSC guidelines
Speaker: Pauline Van Nurden
The Farm Financial Standards Council has recently revised its recommended farm financial measures. These ratios measure the farm's liquidity, solvency, profitability, repayment capacity, and financial efficiency. From this, a Farm Financial 'Scorecard' has been developed to help farms see how they are performing in various financial measures, ranging from vulnerable to strong performance. In this session, you will also learn about the latest FINBIN financial trends for farms like your own.
9:00 - 9:45 A.M.
Financial snapshot of today's commercial grain farmer
Speaker: Brad Zwilling
Illinois Farm Business Farm Management Vice President of Data Analysis Brad Zwilling offers a closer look at the financial situation on today's grain farms. He will review challenges, opportunities and benchmarking ideas for you to implement on your farm.
9:45 - 10:15 A.M.
10:15 - 11:00 A.M.
The four key steps to better cost management
Speaker: Curt Covington
How can you do a better job assessing and managing your costs? Curt takes you through the four steps, starting with improving your recordkeeping system, analyzing costs, and the tools needed to budget and compare against actual costs.
11:00 A.M. - Noon
How to Manage Your Deferred Tax Liability
Speaker: Paul Neiffer
This session will provide an overview of deferred tax liability, how it is calculated, and what steps you can proactively take to minimize any future impact.
1:00 - 1:30 P.M.
Let's have a little fun
Speaker: Mike Pearson
This Week in Agribusiness co-host Mike Pearson takes an entertaining look at the world of agriculture with a spirited game of ag trivia! Think you know your stuff? Prove it!
1:30 - 2:15 P.M.
Better strategies for working with your lender
Speaker: Curt Covington
Go beyond the basics of loans and lines of credit with your banker. Learn how more sophisticated financial tools such as Interest rate swaps and hedging may help you manage risk and seize opportunities.
2:15 - 2:45 P.M.
2:45 - 3:30 P.M.
How to monitor and use costs of production to inform marketing decisions and manage risks
Speaker: Matt Bennett
While many assume it’s easier to market at higher prices, the last few months have proven that’s not always the case, due to skyrocketing costs. In this session you will gain insights on how to market profitably and maximize return on investment for the farm. Put marketing plans together based on goals for profit margins, and how that process ebbs and flows through the growing season.
3:30 - 4:15 P.M.
Big money: Buying strategies in the age of high inflation and interest rates
Despite high interest rates and inflation, farmers still need to make purchases. And they need strategic advice on big ticket items like land and other fixed assets. Should you preserve cash or pay more down to avoid more costly interest rates? Should you forego your existing lower interest rate loan to dip into equity? This session will offer insights on how to better manage purchases in this inflationary era.
4:15 - 4:30 P.M.
Wrap up and Q&A
Your financial questions asked and answered when all speakers join on stage for concluding remarks and responses.